The cryptocurrency market is undergoing a significant decline, particularly affecting Bitcoin and Ethereum. In this context, we analyze the situation with Hedera (HBAR), which is nearing an important support zone.
Current Situation in the Cryptocurrency Market
The cryptocurrency market has faced a sharp decline, with Bitcoin (BTC) dropping to $110K from a recent high of $117K. Ethereum (ETH) has also slipped by 3% to $4,425, placing additional pressure on major altcoins including Hedera (HBAR).
Technical Analysis of Hedera (HBAR)
On the daily chart, HBAR has been consolidating within a descending triangle pattern. This formation is typically seen as a bearish continuation structure, where lower highs tighten against a flat support base. Currently, HBAR has been defending support around $0.2260 despite several retests.
Future Prospects for HBAR
If bulls succeed in breaking above the 50-day MA and descending trendline, momentum could accelerate towards $0.3052, marking a nearly 30% gain from current levels. Conversely, if the $0.2259 support fails, this will confirm the bearish triangle thesis, potentially leading to a decline towards $0.1466.
Given the current unstable situation in the cryptocurrency market, HBAR is under close observation. Significant changes are expected depending on the behavior near the key support zone and potential breakout.
